Charms, the company’s most important products, are not selling as expected.
Rings and diamonds; handbags and accessories, and high-end watches are among the top-three categories most frequently taken to luxury pawnbrokers by consumers seeking quick cash.
Strong sales and increased marketing investment helped to boost the company’s bottom line.
The Italian luxury group is acquiring and internalizing the e-commerce company Italiantouch for 25 million euros to develop an omnichannel business.
The Italian eyewear manufacturer operated at a loss and saw a decrease in revenues in the first six months of the year.
The company plans to use the line of credit from Temasek to build on its fast-growing subscription business.
Last year, the company reached an all-time high cash pile of one billion euros, earmarked for further investments in the group’s brands.